Mortage help

Notebook

Hi
I am looking to move to another bigger house having paid off my existing mortgage. What I wanted to know is what is the current state of affairs regards should I become unemployed during the duration of my new mortgage.
I understand I can take out mortgage protection for a period of time eg 6 months. What happens after that?
Many thanks

ACG

You can take unemployment cover for 12 or 24 months, after that you would be on jobseekers which is around £55 a week i think.

Are you in an occupation that is likely to make you redundant? If so are the chances of you then getting another job that slim? If you are thinking on unemployment cover its also worth thinking about income protection if you were unable to work due to sickness.

Notebook

arent all jobs under threat? was made redundant about 2 years ago and now working for another firm. Is there any help from the government - living in wales.
thanks

ACG

If thats the case why does anyone go out to work? Whats the point if our jobs will be gone soon enough? I know people who have been in the same job for over a decade.

There is help with regards to the mortgage interest under certain circumstances, there is also job seekers allowance...there isnt anything else as you would have no incentive to go back to work or look for another job...hence the state of the benefits system at the minute.

Do you really think you wouldnt be able to get another job in 2 years?

kingstreet

Income Support for Mortgage Interest or SMI cuts in and provides some help with the mortgage interest payments. This used to be after 9 months unemployment. I believe a shorter time now applies, perhaps 13 weeks, but this is subject to review.

Notebook

any ideas how long it would help for?
Thanks